Microeconomics and Macroeconomics #
Economics comprises two areas of study: microeconomics and macroeconomics.
- Microeconomics generally applies to individual markets of goods and services. It looks at how businesses decide what to produce and who to produce it for, and how individuals and households decide what to buy.
- Macroeconomics focuses on broader issues such as employment levels, interest rates, inflation, recessions, government spending, and the overall health of the economy. It also deals with economic interactions between countries in our increasingly connected global economy.